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External broker reports(aggregated public sources)

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Equity Bottom-Up

Hanoi Trade Corporation is one of the first Hanoi-owned company to be privatized. Known as a trading company, Hapro owns many supermarkets, convenience stores and mixed retailers under various brands such as Hapromart, HaproFood and Trang Thi as well as many traditional brands with long history: Thuy Ta ice cream and Chu Dau ceramic. In recent years, the company’s business results were going down as a result of increasing competition from domestic and foreign retailers and unfavorable export conditions. Hapro’s retailers are not quite operating to the best of their possibilities even though they are located on the“golden” areas in Hanoi. We expect the new strategic shareholder – Vinamco- to make significant changes in order to take advantage of Hapro’s strengths: restructuring product portfolio and converting stores that have low profit. In terms of the real estate segment, commercial projects at prime location will achieve high efficiency and generate stable cash flow for Hapro in coming years. Furthermore, Vinamco, a subsidiary of BRG, becoming the company’s strategic partner will be a catalyst for development of the company’s land bank. We used the RNAV method to evaluate Hapro’s stock and estimate the fair value at VND 15,500/share, adding VND 200 in dividend. The total return should be 23% compared to the starting price in 30/03/2018. Therefore, we have a BUY on the stock.

Hanoi Trade Corporation is one of the first Hanoi-owned company to be privatized. Known as a trading company, Hapro owns many supermarkets, convenience stores and mixed retailers under various brands such as Hapromart, HaproFood and Trang Thi as well as many traditional brands with long history: Thuy Ta ice cream and Chu Dau ceramic. In recent years, the company’s business results were going down as a result of increasing competition from domestic and foreign retailers and unfavorable export conditions.  Hapro’s retailers are not quite operating to the best of their possibilities even though they are located on the“golden” areas in Hanoi. We expect the new strategic shareholder – Vinamco- to make significant changes in order to take advantage of Hapro’s strengths: restructuring product portfolio and converting stores that have low profit.  In terms of the real estate segment, commercial projects at prime location will achieve high efficiency and generate stable cash flow for Hapro in coming years. Furthermore, Vinamco, a subsidiary of BRG, becoming the company’s strategic partner will be a catalyst for development of the company’s land bank.  We used the RNAV method to evaluate Hapro’s stock and estimate the fair value at VND 15,500/share, adding VND 200 in dividend. The total return should be 23% compared to the starting price in 30/03/2018. Therefore, we have a BUY on the stock.

[Company Report] HAPRO - Waiting for Big Changes from Strategic Shareholder

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[Company Report] HAPRO - Waiting for Big Changes from Strategic Shareholder